Consumer goods firm Tolaram plans digital banking debut in Africa

Its services will be akin to a traditional bank.

Singapore-based consumer goods and infrastructure management company Tolaram is planning to extend its reach to digital banking in Africa, reports Bloomberg.

The company said that the offerings for its digital banking service will be more akin to a traditional bank, complete with interest rates similar to regular credit cards and savings accounts.

The African country targets haven’t been finalized but Nigeria, Ghana, South Africa and Egypt are likely candidates for the company’s new service.

Tolaram’s African activities include distribution of goods such as cereals and noodles. It also manages infrastructure projects in the region.

Standard Chartered, which is rolling out digital banking services across the African continent, as well as Africa’s fully digital bank in ALAT are some of the companies which Tolaram may compete with.

Read the full report here.